Bitcoin Cash Vs Bitcoin

By Author: jessica smith
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Bitcoin Cash VS Bitcoin

Bitcoin

Bitcoin is the first cryptocurrency that has got so much popularity and acknowledgement all around the world. Bitcoin is the same as other cryptocurrencies. Anyone can use it to buy and sell for investment, goods or services and many more things. Bitcoin is made of blockchain technology that keeps it safe from being faked. Bitcoin is not issued, owned or controlled by an individual or group.

For example, the Indian rupee is issued by the reserve bank of India, and the US dollar is controlled by the banks and issued by the US government. So, whenever you transfer or receive money from a friend, you are relying on the bank. But in the bitcoin transaction, there is no central authority to control the transactions. The transactions made with bitcoin are verified by the miners who have powerful computer systems to do this job. That is why it is a decentralised currency.

The transitions are submitted and stored in a block on the blockchain. The computers that miners have to verify the transactions ...
... by solving complex mathematical problems. And in return, the miners get a fraction of bitcoin. This process is known as bitcoin mining.

At this time, the most valuable cryptocurrency is bitcoin That is why everyone is crazy about it. Also, there is a certain number of bitcoins that will come into existence ever. The total number of 21 million bitcoin can be mined. Currently, there are around 16 million bitcoins in existence. But it will take a long time to mine the remaining bitcoins because every four years, per block amount of bitcoin, is cut into half.

Bitcoin Cash

Bitcoin cash is also a cryptocurrency like bitcoin. And it has its own blockchain, the same as bitcoin. Did you know that bitcoin cash was a part of bitcoin earlier?

Bitcoin cash also works like other cryptocurrencies. Bitcoin was divided to make bitcoin cash because the developers of bitcoin wanted to make some vital changes to bitcoin. All the developers did not agree with the changes that are why a small group of developers divided bitcoin to make a new digital currency like bitcoin but with some modifications.

The changes which make bitcoin cash from bitcoin are as follows:

Transactions in bitcoin cash (BCH) save your money as it has a cheaper transfer fee than bitcoin, which is around $0.20 per transaction. Where, on the other hand, Bitcoin transactions cost you around 1 USD per transaction.
Compared to bitcoin, BCH has a faster transaction rate. WIth BCH you need not wait for 10 minutes to complete a transaction.
With BCH, users can do more transactions per second, but in BTC, it is not possible to use it at the same time.

Bitcoin Cash VS Bitcoin

Both bitcoin cash and bitcoin derive their value by their demand, use and adoption. Ans, the only way to analyse them is by value growth and return on investment (ROI). However, both of the cryptocurrencies are holders of value, but bitcoin is the holder of the most value till now. Bitcoin cash is also gaining recognition, users and the value fast with the time.

Bitcoin is way older than bitcoin cash. That is why bitcoin cash is still taking time to realise its place in the cryptocurrency market. Abundant people speculate that in the upcoming future, bitcoin cash will take a good chunk of bitcoin’s market and will be the new dominant cryptocurrency in the market.

Bitcoin Cash VS Bitcoin: Advantages and Disadvantages

Advantages of Bitcoin Cash
It is cheaper than Bitcoin.
Bitcoin Cash is scalable and faster to use.
Bitcoin cash costs a lower transaction fee when moved around other exchanges.
The development team of bitcoin cash is quick to execute solutions.

DIsadvantages of Bitcoin Cash
Bitcoin Cash does not have much investor base as Bitcoin has.
The penetration rate and adoption rate of bitcoin cash are lower than bitcoin.
When compared to bitcoin, Bitcoin cash has few trading pairs.
Miners make less profit by mining BCH, with the same equipment they mine bitcoin.

Advantage of Bitcoin
Bitcoin is the original cryptocurrency that is why it is the base currency of the whole sector.
Bitcoin is tradable on most of the exchanges.
Bitcoin is super popular, and one can have an idea about the popularity of bitcoin by its price.
Bitcoin has the most currency pairs with other currencies.

Disadvantages of Bitcoin
Bitcoin faces scalability problems.
Bitcoin is older; that is why it is slower than BCH.
Bitcoin costs a high fee per transaction.

Conclusion

Both of the cryptocurrencies, whether it is BCH or BTC, have their own significance. BCH is new, fast and cheaper and on the other hand, BTC is old, but it is a prominent tool for the transaction, and it is considered as the gold of the cryptocurrency